OPEC+ in crisis as specter of destructive infighting looms again
OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase.
What happens next will determine whether the breakdown of talks — which sent crude climbing toward $80 a barrel — could escalate into a conflict as bitter and destructive at last year’s price war.
At stake is the stability of the global economic recovery amid growing inflationary pressures, and the ability of the producers’ alliance to retain its hard-won control over the oil market.
From international oil majors to Middle Eastern petrostates, the market will be watching keenly in the coming days as Riyadh and Abu Dhabi publish prices and negotiate volumes for their August crude supplies.
